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Citi raises AI services revenue forecasts for 2026-2028
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Stronger demand and better monetization at the big cloud providers pushed Citi to lift its estimates, with the biggest bump landing in 2028.
Key facts
- In March 2026, the bank raised its long-term AI capex and revenue projections to $8.9 trillion for the 2026 to 2030 period
- On the Amazon side, the company has guided for AWS growth exceeding 40% in both fiscal 2027 and fiscal 2028
- Alongside the revenue revisions, Citi estimates global AI capital expenditures will reach $1.68 trillion in 2027
- Citi Research has raised its AI services revenue forecasts for 2026 through 2028
Summary
Citi Research has raised its AI services revenue forecasts for 2026 through 2028. The upgrade centers on the hyperscalers, the handful of companies that run the world’s largest cloud platforms. Combined, AWS, Meta, Google, and Microsoft reported 25% year-over-year growth in Q3 2026. First, Google Cloud now counts 2,600 customers that consumed more than 100 billion tokens over the past year.